Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am London time and 5pm New York time today.
Long Trades
- Go long after bullish price action on the H1 time frame following the next touch of $2607.71, $2570.44, or $2400.00.
- Put the stop loss 1 pip below the local swing low.
- Move the stop loss to break even once the trade is $50 in profit by price.
- Remove 50% of the position as profit when the trade is 50 in profit by price and leave the remainder of the position to run.
Short Trades
- Go short after bearish price action on the H1 time frame following the next touch of $2800.00 or $3000.00.
- Put the stop loss 1 pip above the local swing high.
- Move the stop loss to break even once the trade is $50 in profit by price.
- Remove 50% of the position as profit when the trade is 50 in profit by price and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
BTC/USD Analysis
I wrote yesterday that a period of consolidation was looking like the most likely outcome, and this is what we have had and are continuing to experience. However, from looking slightly bearish, the pattern has now shifted to slightly bullish, yet it remains hard to see in which direction the next movement is going to come. The trend line below continues to provide support and a fast move down to $2607.71 would be likely to produce a tradable bullish bounce.
Regarding the USD, there will be a release of Unemployment Claims at 1:30pm London time followed by ISM Non-Manufacturing PMI data at 3pm.